Continuing a Strategic Restructuring, The Newly Established Role Oversees the Hublot, Tag Heuer, and Zenith Brands
LVMH continues its renewed push in watchmaking with the appointment of Frédéric Arnault as CEO of the conglomerate’s Watches division, a newly established role overseeing the Hublot, Tag Heuer, and Zenith brands.
Frédéric Arnault
The announcement, made on Friday as part of a management reorganization within the watches and jewelry division effective since January 1, marks Arnault’s transition from his previous position as CEO of Tag Heuer to Julien Tornare, who had been serving as CEO of Zenith since 2017.
Julien Tornare
Benoit de Clerck takes on the role of CEO at Zenith, bringing with him 25 years of industry experience from Compagnie Financière Richemont, where he held the position of Chief Commercial Officer at Italian watchmaker Panerai.
Benoit de Clerck
Tornare, de Clerck and Hublot CEO Ricardo Guadalupe will report to Arnault, who in turn will report to LVMH Watches & Jewelry Division CEO Stéphane Bianchi. “I am extremely pleased to have Frédéric join me now within the LVMH watches and jewelry division to oversee our three watches maisons, and eager to see what his unique insights and vision will bring to fuel additional and sustainable growth for them,” said Bianchi of the new appointment.
Reflecting on Arnault’s impact during his six-year tenure at Tag Heuer, including three years as CEO, Bianchi also highlighted the “spectacular transformation” of the brand, citing a swift recovery of credentials as a luxury watch brand driven by high performance. While specific figures for individual brands are not disclosed by LVMH, Tag Heuer reportedly achieved a turnover of approximately 780 million euros in 2022, experiencing a notable 50 percent growth between 2020 and 2023.
Despite the positive developments under Arnault’s leadership, the promotion comes at a time when the watch industry anticipates challenges in 2024. Industry insiders acknowledge LVMH’s watchmakers as well-positioned, but a potential decline in demand towards the end of 2023 and an anticipated market slowdown may pose challenges for the brands under Arnault’s purview.